Tax season can be a complicated time of the year for just about anyone. After all, most people only have a vague concept of exactly what they are supposed to be doing – or even why they are doing it. For many people, the promise of a tax return is certainly quite hugely appealing, but getting to that point can prove quite difficult, to say the very least. Fortunately, there are professionals can help, with well over one million accountants and tax professionals currently employed all throughout the country.
Hiring a CPA for tax season is hugely ideal, as this professional CPA can help you to understand exactly what is going on with your taxes, and what you need to know to complete them as fully and as accurately as possible. If you own a business, small or large, hiring a CPA will also be incredibly important. After all, the IRS can audit an individual person or business for up to three years in the past. And if they find anything suspicious, they might choose to look even further back. They are fully in their rights, it turns out, to collect any taxes that have been owed for up to ten years in the past, taxes that are also referred to as back taxes.
Fortunately, however, the chances of facing an audit spearheaded by the IRS are incredibly slim for small businesses. As a matter of fact, data that was collected back in the year of 2017 even found that the average small business actually had a less than 1% chance of ever facing an audit if they had less than $10 million in returns for that year or any other recent years. If you’re an individual person filling out a tax return, as the vast majority of us are, then the chances of you ever facing an audit are truly even lower than that of the small business.
Of course, there are some groups and businesses that face a higher risk of being audited, as any Chinese issuer CPA firm will be able to tell you. After all, the average Chinese issuer CPA firm now plays a more important role than ever before, especially when you consider the fact that the SEC is consistently looking to step up cooperation with various overseas regulators. This has necessitated the Chinese issuer CPA firm to provide various international tax services and business advisory services in China, as these SEC compliance audits in China – or even just the typical SEO compliance audit – are far from uncommon. The average Chinese issuer CPA firm can help these overseas business with ties to the United States to maintain the proper regulations and protocols within their businesses, at least as far as the IRS would be concerned with them.
But aside from the Chinese issuer CPA firm, as important as the Chinese issuer CPA firm might certainly be, the average CPA firm found here in the United States still certainly plays its own important and even critical role, all things considered. After all, a new small business owner might not yet know all the ins and outs of taxes as they apply to small businesses, especially if they have only ever done their taxes as an individual person before. It is hugely and highly advisable to consult a professional for such matters, as it is the professional who can steer you in the right direction. When you’re working with such a CPA firm and with such professionals of the field, you can rest assured that you won’t accidentally do anything illegal, which is actually a big fear for many people, at least when it comes to completing taxes.
At the end of the day, every person in the tax industry plays a critical role, from your typical accountant to those who are working for perhaps an organization like that of the Chinese issuer CPA firm, operating overseas. Taxes can most certainly be confusing and complex and even quite difficult to understand, but there are many ways that they can be simplified and completed with much more ease than the average person might have even ever thought to be possible, to say the least.